In considering how to allocate its scarce resources among its various members, a household considers
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. All of the above are correct.
d
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Refer to Figure 10.3. What is the competitive price?
A) P1 B) P2 C) P3 D) P4 E) P5
An example of a beneficial externality is
A. a vaccination to prevent a communicable disease. B. loud music from a cool house party. C. a sandwich shop that adds a free pickle with each order. D. a pasture that all ranchers can freely graze their cattle on.
Economists often define economic growth in terms of changes in
A. Living standards. B. Current GDP or actual production. C. Population. D. Potential GDP.
A union composed of members with the same trade or occupation is called
A. an industrial union. B. a trade association. C. a government union. D. a craft union.